Following an investigation by the Iowa Insurance Division’s Fraud Bureau, the U.S. Attorney’s Office for the Southern District of Iowa issued a statement today outlining the case.
DES MOINES, Iowa – A federal grand jury in Des Moines returned an indictment in October 2026 charging 10 counts of wire fraud related to a Ponzi scheme involving multiple victims and millions of dollars of loss to the victims.
As alleged in the Indictment, William Bernard Tunink, 73, solicited investments from victims under the guise that the money would be used for investment purposes. However, the Indictment alleges that Tunink ultimately used the money for other purposes, including payment of Tunink’s personal debts and for his own benefit. The Indictment alleges that the losses exceed $2 million.
Tunink made his initial court appearance on October 16, 2026. Tunink is charged with 10 counts of wire fraud. Each count is punishable by up to 20 years in prison. Trial is set for November 30, 2026.
United States Attorney David C. Waterman of the Southern District of Iowa made the announcement. The Iowa Insurance Division’s Fraud Bureau and the Federal Bureau of Investigation are investigating this case. This case is being prosecuted by Assistant United States Attorneys Joseph H. Lubben and Adam Kerndt.
An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.